- Bitcoin has failed to maintain a position above $60,000.
- ETH inches closer to $4,000, BNB, SOL, and DOT continue to form red candles.
- AVAX and IOTA stay green in the crashing market.
Cryptocurrency tokens continue to fight for dominance in the market. Listed on several worldwide exchanges, hundreds and thousands of crypto coins compete to hold their positions in the unpredictable and volatile market. The likes of BTC, ETH, SOL, DOT, ADA, and XRP have earned a name for themselves, as they now enjoy high market capitalization and trading volumes.
Bitcoin has further degraded by 2.05% in the recent trading hours. It is currently valued at about $59,300. The 24h trading volume of Bitcoin has also shrunk to $43 billion, and the market cap of the largest crypto coin of the world stands at around $1.1 trillion. The market dominance of Bitcoin is currently 43.5%.
As bitcoin leads, rest of the market also bearish
Following Bitcoin as its leader, the rest of the market has also shown bearish trends. The second-largest crypto token in the world, Ethereum, has gone down by about 3.13%. It has crashed below the $4,150 mark. The leading altcoin has dropped from its all-time high, and it is expected to touch $4,000 before up swinging again. The 24h trading volume for ETH has gone to $25 billion. Also, its market dominance stands at about 19.1%.
There is strong support for Bitcoin at about $58.7K and for Ethereum at $4,000. These support levels could trigger a bull pattern in both of these cryptocurrencies. Also, Bitcoin needs to go up and cross the $60K mark again, a good boost for inducing a bullish trend in the entire market.
Major crypto altcoins continue to shed gains, ADA drops to $1.85
The cryptocurrency market is going through a correction phase, and bearish trends are observed across almost every coin. The altcoins that make the list of the top ten cryptocurrencies in market capitalization have recorded a significant decrease in valuation. The Binance Coin has crashed below $600, and with a further 4.50% decrease, it is valued at $580. Solana was also devalued by an additional 4.50% to fall to $218. Both of these coins also faced dents to their trading volume and market capitalization.
Furthermore, ADA also faced a significant setback. The coin is a direct competitor to ETH and SOL. However, it was stuck in a tight range of $2.00-$2.20. ADA was unable to break out and gain the momentum required to form a bull pattern. Even in the bullish market, it made steady progress. However, the recent dip has pushed the coin down. It is down to $1.85, which means the coin has shed about 17% of its value since last week. Its 24h trading volume has also shrunk to $3 billion.
In other renowned coins, XRP and DOT have also persisted with the bearish trend. XRP is on its way to the $1 mark again, whereas DOT fell from its all-time high to $40. Popular meme coins, DOGE, and SHIB also shed 5.20% and 2.70%, respectively.
A hot tip from the community
As cryptocurrencies are available on the internet, you can easily buy and sell them without local restrictions. Cryptocurrency is the best to use if you want to make money with a trading option within due diligence. Remember to use the trend analysis methods to analyze the market for making money. Crypto trading is not gambling but science applied by the brave.
If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.Sun Tzu, The Art of War